The crypto gaming startup Orange Cap Games (OCG) has acquired the intellectual property of the Ethereum-based non-fungible token series Moonbirds from Yuga Labs.
OCG announced on May 30 that it has acquired the Moonbirds, Mythics, and Oddities NFT series from Yuga, but did not disclose the details or pricing of the transaction.
This comes just over a year after Yuga acquired the company PROOF, which created these series, in February.
"Moonbirds deserves a team that is all about birds, and no one is better suited than Orange Cap Games to help them reach their potential," said Greg Solano, co-founder of Yuga Labs.
He added that Yuga is "focused on" its original series, including the once high-priced Bored Ape Yacht Club and its various derivatives, including the Mutant Ape Yacht Club and its long-developing metaverse, Otherside.
As part of the deal, Moonbirds will still launch on Otherside, and any new on-chain assets created by the team will be hosted on Ethereum or Yuga's second-layer network, ApeChain.
Following the acquisition news, the price of Moonbirds more than doubled to 0.9 ETH. However, according to CoinGecko data, the series is still down nearly 98% compared to its historical high of 38.5 ETH in April 2022.
As the NFT market has sharply declined and continues to see low trading volumes, Yuga continues to sell its NFT series and intellectual property.
Earlier in May, Yuga sold the intellectual property of CryptoPunks, which many consider a groundbreaking NFT series, to the nonprofit organization Infinite Node Foundation. The terms of the deal were not disclosed.
In February, The Meebit Company acquired Meebits from Yuga Labs; however, Yuga still holds a minority stake, and the venture capital firm 1confirmation was also involved in the transaction.
Last year, Yuga sold the intellectual property of its two games, HV-MTL and Legends of the Mara, in an effort to refocus the organization on its core series.
Meanwhile, on May 30, Disney announced a partnership with Dapper Labs, the creators of NBA Top Shot and CryptoKitties, to launch its new loyalty program. Disney+ subscribers will receive a digital badge each month.
The downward trend of NFTs seems to be coming to an end.
In May, unique NFT buyers increased by 50% from the previous month to 936,000, while NFT trading volume rose to $430 million, a 15% increase from April.
Related: OpenSea expands beyond the NFT space, launching OS2 public version
Original article: “Yuga Labs Sells Moonbirds IP to Orange Cap Games (OCG)”
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